Wednesday, June 19, 2013

D&G may serve Jail time

Say it isn't so! Fashion's most famous duo Stefano Gabbana and Domenico Dolce founders of Italian fashion house Dolce & Gabbana have been sentenced to 2 years jail time for for tax evasion to the tune of 1 billion euros which is about $1.33 billion American. The duos lawyers said they are making an appeal and under Italian law sentence will be suspended for now. 
Dolce and Gabbana are accused of transferring control of their brands to a shell company in Luxembourg in 04' and 05/ in order to avoid Italian taxes. A "Shell Company" is an inactive company is used as a vehicle for various financial maneuvers or kept dormant for future use in some other capacity. This sound suspect to me...The prosecutor, Laura Pedio is calling the designers actions "Sophisticated tax fraud". At this time there is no telling how D&G's actions will affect the fashion house they founded in 1985 and today employs more than 3,000 people, and has 250 stores in 40 countries across the globe.

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